Elevate Purdue Foundry Fund Announces Inaugural Funding Awards for Indiana Startups

WEST LAFAYETTE, Ind.--()--Elevate Purdue Foundry Fund officials announce that 10 Indiana startups will each receive a $20,000 First-Tier Black Award.

"There were 26 Purdue Foundry startup applicants from nearly every sector that applied for this inaugural round of funding, and selecting the awardees was competitive and difficult," said Greg Deason, executive director of the Purdue Foundry. "What we witnessed is a testament to the quality and strength of Purdue's entrepreneurial environment, and we encourage all those who did not receive funding this time to apply for the next round."

The Elevate Purdue Foundry Fund is operated jointly by the Purdue Foundry and Elevate Ventures.

"An important goal of the program is to generate more startups in Indiana and keep talented innovators and entrepreneurs in our state," said Ting Gootee, Elevate Ventures chief investment officer. "The results of this first round of startup applicants is a clear indication that the Elevate Purdue Foundry Fund will be a strong economic contributor for Indiana in terms of job creation, talent retention and technology development."

The startups receiving the funding are:

* AccuPS LLC, a software startup developing a high-definition 3-D motion-tracking technology.

* Akanocure Pharmaceuticals, which synthesizes and develops complex cancer therapies.

* Animated Dynamics Inc., a life sciences firm providing live-tissue imaging technology to improve biodynamic imaging.

* Aten Biotherapeutics LLC, a life sciences company developing a controlled-release MRI imaging agent.

* Atlas Energy Systems LLC, an alternative energy company commercializing a device to convert nuclear waste into energy.

* KinaSense LLC, a life sciences firm developing diagnostic and treatment for cancer patients.

* Mobile Enerlytics LLC, a software company developing a technology to increase smartphone battery life and reduce energy usage of smartphone apps.

* Prehensile Technologies, which designs and develops assistive technologies for individuals with disabilities.

* SensorHound LLC, a software and services startup developing technology to improve the reliability and reduce the cost of the Internet of Things, or IoT.

* SPEAK MODalities LLC, a software company offering iPAD applications to help children and families dealing with non-verbal autism improve communications.

The First-Tier Black Award is in the form of a nonrecourse convertible promissory note, and notes will be finalized directly with Elevate Ventures. The First-Tier Black Award also qualifies the startups to apply for a Second-Tier Gold Award that is available in amounts up to $80,000 through a convertible debt or equity investment.

The funding is part of a three-year, $2 million targeted investment program through collaboration among the Purdue Foundry, Elevate Ventures and the Indiana Economic Development Corporation. In addition to the funding, the program provides two additional entrepreneurs-in-residence through the Purdue Foundry to mentor entrepreneurs.

The next application period for the Black Award will conclude on March 31, 2015. To apply, visit http://www.elevateventures.com/apply/epff.

For more information, contact John Hanak, Purdue Foundry venture funding relations officer, at 317-616-1860, jmhanak@prf.org.

Contacts

Purdue Foundry
Cynthia Sequin, 765-588-3340
casequin@prf.org

Release Summary

Elevate Purdue Foundry Fund officials announce that 10 Indiana startups will each receive a $20,000 First-Tier Black Award to support economic development and business growth.

Contacts

Purdue Foundry
Cynthia Sequin, 765-588-3340
casequin@prf.org